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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Biolase Inc | NASDAQ:BIOL | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.129 | 0.1061 | 0.11 | 0 | 01:00:00 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported):
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) |
(Commission File No.) | (IRS Employer Identification No.) |
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code:
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading |
Name of each exchange on | ||
(Nasdaq Capital Market) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 3.03. | Material Modification to Rights of Security Holders. |
To the extent required by Item 3.03 of Form 8-K, the information regarding the Reverse Stock Split (as defined below) contained in Item 5.03 of this Current Report on Form 8-K is incorporated by reference in this Item 3.03.
Item 5.03. | Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year. |
On July 20, 2023, the stockholders of BIOLASE, Inc., a Delaware corporation (the “Company”), approved a proposal at the Company’s special meeting of stockholders (the “Special Meeting”) further amending the Company’s Restated Certificate of Incorporation, as amended (the “Certificate of Incorporation”), to effect a reverse stock split of the Company’s common stock, par value $0.001 per share (the “Common Stock”), at a ratio between one-for-two (1:2) and one-for-one hundred (1:100), without reducing the authorized number of shares of Common Stock. Following the Special Meeting, the Company’s Board of Directors approved a final split ratio of one-for-one hundred (1:100). Following such approval, on July 26, 2023, the Company filed an amendment to the Certificate of Incorporation (the “Amendment”) with the Secretary of State of the State of Delaware to effect the reverse stock split, with an effective time of 11:59 p.m. Eastern Time on July 27, 2023 (the “Reverse Stock Split”).
No fractional shares will be issued in connection with the Reverse Stock Split. In lieu of fractional shares, Computershare Trust Company, N.A., as exchange agent (“Computershare”), will aggregate all fractional shares and arrange for them to be sold in a timely manner at the then-prevailing prices on the Nasdaq Capital Market. After completing such sale, Computershare will pay to each stockholder of record such stockholder’s pro rata share of the net proceeds derived from the sale of the fractional interest to which such stockholder would otherwise be entitled.
The 1-for-100 Reverse Stock Split will reduce the number of outstanding shares of Common Stock from approximately 104 million shares to approximately 1.04 million shares. Proportional adjustments will be made to the number of Common Stock issuable upon exercise or conversion of the Company’s outstanding equity awards and warrants, as well as the applicable exercise price.
After the Reverse Stock Split, the trading symbol for the Common Stock will continue to be “BIOL.” The new CUSIP number for the Common Stock following the Reverse Stock Split is 090911702.
The description of the Amendment set forth above does not purport to be complete and is qualified in its entirety by the full text of the Amendment, a copy of which is attached hereto as Exhibit 3.1 and is incorporated herein by reference.
Item 5.07. | Submission of Matters to a Vote of Security Holders. |
The following are the results of the voting on the proposals submitted to stockholders at the Company’s Special Meeting of Stockholders held on July 20, 2023.
Proposal 1 – Stockholders voted to approve the adoption of the Amendment to the Certificate of Incorporation to effect a reverse stock split of Company Common Stock (without reducing the authorized number of shares of Company Common Stock), if and when determined by the Company’s Board of Directors:
For | Against | Abstain | Broker Non-Votes | |||
20,889,544,676 | 14,072,832,774 | 363,902,539 | — |
Proposal 2 – To approve an adjournment of the Special Meeting, to a later date or dates, if necessary, to permit further solicitation and vote of proxies in the event there are not sufficient votes in favor of the Amendment to the Company’s Certificate of Incorporation to effect a reverse stock split:
The Company’s stockholders approved Proposal 1. The votes cast were as follows:
For | Against | Abstain | Broker Non-Votes | |||
23,071,478,430 | 11,853,155,314 | 401,646,245 | — |
The Board of Directors has determined not to adjourn the Special Meeting to solicit additional proxies.
-2-
Item 8.01. | Other Events. |
The primary purpose of the 1-for-100 Reverse Stock Split is to raise the per-share trading price of the Common Stock to allow for its continuous listing on the Nasdaq Capital Market, among other benefits. The Nasdaq Capital Market requires, among other things, that a listing a company’s common stock maintain a minimum bid price of at least $1.00 per share. However, there can be no assurance that the Reverse Stock Split will have the desired effect of sufficiently raising the bid price of the Common Stock for the required period.
In addition, on July 26, 2023, the Company issued a press release relating to the Reverse Stock Split described in this Current Report on Form 8-K. A copy of the press release is attached as Exhibit 99.1 to this report and is incorporated herein by reference.
Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
Exhibit No. |
Description of Exhibits | |
3.1 | Seventh Amendment to Restated Certificate of Incorporation of BIOLASE, Inc. | |
99.1 | Press release of BIOLASE, Inc., dated July 26, 2023 | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
-3-
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
BIOLASE, INC. | ||||||
Date: July 26, 2023 | By: | /s/ John R. Beaver | ||||
Name: | John R. Beaver | |||||
Title: | Chief Executive Officer |
-4-
Exhibit 3.1
SEVENTH AMENDMENT
TO
RESTATED CERTIFICATE OF INCORPORATION
OF
BIOLASE, INC.
BIOLASE, Inc. (the Corporation), a corporation organized and existing under and by virtue of the General Corporation Law of the State of Delaware, hereby certifies as follows:
1. | This Certificate of Amendment amends the provisions of the Corporations Restated Certificate of Incorporation, as amended and filed with the Secretary of State of the State of Delaware (the Restated Certificate of Incorporation). |
2. | Article III of the Restated Certificate of Incorporation is hereby amended and restated in its entirety as follows: |
THIRD. The total number of shares of stock that the Corporation shall have the authority to issue is ONE HUNDRED EIGHTY ONE MILLION (181,000,000) shares of which stock ONE HUNDRED EIGHTY MILLION (180,000,000) shares of $0.001 par value per share shall be common stock and of which ONE MILLION (1,000,000) shares of $0.001 par value per share shall be preferred stock.
Upon the filing and effectiveness (the Effective Time) pursuant to the General Corporation Law of the State of Delaware of this Seventh Amendment to Restated Certificate of Incorporation of the Corporation, each ONE HUNDRED (100) shares of common stock either issued and outstanding or held by the Corporation in treasury stock immediately prior to the Effective Time shall, automatically and without any action on the part of the respective holders thereof, be combined and converted into one (1) share of common stock (the Reverse Stock Split).
No fractional shares shall be issued in connection with the Reverse Stock Split. In lieu thereof, the aggregate of all fractional shares otherwise issuable to the holders of record of common stock shall be issued to the transfer agent, as agent for the accounts of all holders of record of common stock and otherwise entitled to have a fraction of a share issued to them. The sale of all of the fractional interests will be effected by the transfer agent as soon as practicable after the Effective Time on the basis of the prevailing market prices of the common stock at the time of the sale. After such sale, the transfer agent will pay to such holders of record their pro rata share of the total net proceeds derived from the sale of the fractional interests.
3. | The foregoing amendment was duly adopted in accordance with the provisions of Section 242 of the General Corporation Law of the State of Delaware. |
4. | All other provisions of the Restated Certificate of Incorporation shall remain in full force and effect. |
5. | The foregoing amendment shall be effective as of 11:59 p.m., Eastern Time, on the date of filing with the Secretary of State of the State of Delaware. |
*****
|
-1-
IN WITNESS WHEREOF, the Corporation has caused this Certificate of Amendment to be signed this 26th day of July, 2023.
BIOLASE, INC. | ||
By: | /s/ John R. Beaver | |
Name: John R. Beaver Title: Chief Executive Officer |
-2-
Exhibit 99.1
BIOLASE ANNOUNCES 1-FOR-100 REVERSE STOCK SPLIT
COMMON STOCK WILL BEGIN TRADING ON SPLIT-ADJUSTED BASIS ON JULY 28, 2023
Lake Forest, Calif., July 26, 2023 BIOLASE, Inc. (NASDAQ: BIOL) (BIOLASE or the Company), a global leader in dental lasers, today announced that it held a special meeting of its stockholders on July 20, 2023 where the Companys stockholders granted the Board of Directors the discretion to effect a reverse stock split of the Companys common stock at a ratio between 1-to-2 and 1-to-100. Shortly following the special meeting, the Board of Directors exercised such discretion to effect a 1-for-100 reverse stock split that will become effective at 11:59 p.m. Eastern Time on July 27, 2023, and the Companys common stock will begin trading on a split-adjusted basis at the opening of the market on July 28, 2023.
The 1-for-100 reverse stock split will reduce the number of outstanding shares of Company common stock from approximately 104 million shares to approximately 1.04 million shares. Proportional adjustments will be made to the number of shares of BIOLASEs common stock issuable upon exercise or conversion of BIOLASEs outstanding equity awards and warrants, as well as the applicable exercise price. There will be no change to the total number of authorized shares of Company common stock as set forth in the Restated Certificate of Incorporation of the Company, as amended.
The primary purpose of the 1-for-100 reverse stock split is to raise the per-share trading price of the Companys common stock to allow for its continuous listing on the Nasdaq Capital Market, among other benefits. The Nasdaq Capital Market requires, among other things, that a listing a companys common stock maintain a minimum bid price of at least $1.00 per share.
Information for BIOLASE Stockholders
At the effective time of the reverse stock split, BIOLASE stockholders will receive one new share of Company common stock for every 100 shares held. Record holders of Company common stock will receive a transaction statement with respect to the exchange of such shares for post-reverse split shares. Computershare Trust Company, N.A., the transfer agent for Company common stock, will act as the exchange agent, and can be contacted at (800) 546-5141.
BIOLASE will not issue fractional shares that result from the reverse stock split. Rather, Computershare will aggregate all fractional shares and arrange for them to be sold in a timely manner after the effective time of the reverse stock split at the then prevailing prices on the Nasdaq Capital Market. After such sale, Computershare will pay to each holder of record such stockholders pro rata share of the net proceeds derived from the sale of the fractional interest to which such holder would otherwise be entitled.
For more information on the reverse stock split, please refer to BIOLASEs proxy materials for the July 20, 2023 special meeting of stockholders, which can be accessed through the investor portion of BIOLASEs website at http://www.biolase.com and on the SECs EDGAR website, www.sec.gov.
1
About BIOLASE
BIOLASE is a medical device company that develops, manufactures, markets, and sells laser systems in dentistry and medicine. BIOLASEs products advance the practice of dentistry and medicine for patients and healthcare professionals. BIOLASEs proprietary laser products incorporate approximately 266 patented and 25 patent-pending technologies designed to provide biologically and clinically superior performance with less pain and faster recovery times. BIOLASEs innovative products provide cutting-edge technology at competitive prices to deliver superior results for dentists and patients. BIOLASEs principal products are revolutionary dental laser systems that perform a broad range of dental procedures, including cosmetic and complex surgical applications. From 1998 through December 31, 2022, BIOLASE has sold over 45,500 laser systems to date in over 80 countries around the world. Laser products under development address BIOLASEs core dental market and other adjacent medical and consumer applications.
For updates and information on Waterlase iPlus®, Waterlase Express, and laser dentistry, find BIOLASE online at www.biolase.com, Facebook at www.facebook.com/biolase, Twitter at www.twitter.com/biolaseinc, Instagram at www.instagram.com/waterlase_laserdentistry, and LinkedIn at www.linkedin.com/company/biolase.
BIOLASE®, Waterlase® and Waterlase iPlus® are registered trademarks of BIOLASE, Inc.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements, as that term is defined in the Private Litigation Reform Act of 1995, that involve significant risks and uncertainties. Forward-looking statements can be identified through the use of words such as may, might, will, intend, should, could, can, would, continue, expect, believe, anticipate, estimate, predict, outlook, potential, plan, seek, and similar expressions and variations or the negatives of these terms or other comparable terminology. These statements are based upon current beliefs, expectations and assumptions and include statements regarding BIOLASEs ability to realize any anticipated benefits from the reverse stock split, including maintaining its listing on the Nasdaq Capital Market. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect BIOLASEs current expectations and speak only as of the date of this release. Actual results may differ materially from BIOLASEs current expectations depending upon a number of factors. These factors include, among others, those risks and uncertainties that are described in the Risk Factors section of BIOLASEs annual report filed on Form 10-K filed with the Securities and Exchange Commission. Except as required by law, BIOLASE does not undertake any responsibility to revise or update any forward-looking statements.
For further information, please contact:
EVC Group LLC
Michael Polyviou / Todd Kehrli
(732) 933-2754
mpolyviou@evcgroup.com / tkehrli@evcgroup.com
2
Document and Entity Information |
Jul. 20, 2023 |
---|---|
Cover [Abstract] | |
Entity Registrant Name | BIOLASE, INC |
Amendment Flag | false |
Entity Central Index Key | 0000811240 |
Current Fiscal Year End Date | --12-31 |
Document Type | 8-K |
Document Period End Date | Jul. 20, 2023 |
Entity Incorporation State Country Code | DE |
Entity File Number | 001-36385 |
Entity Tax Identification Number | 87-0442441 |
Entity Address, Address Line One | 27042 Towne Centre Drive |
Entity Address, Address Line Two | Suite 270 |
Entity Address, City or Town | Lake Forest |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 92610 |
City Area Code | (949) |
Local Phone Number | 361-1200 |
Written Communications | false |
Soliciting Material | false |
Pre Commencement Tender Offer | false |
Pre Commencement Issuer Tender Offer | false |
Security 12b Title | Common Stock, par value $0.001 per share |
Trading Symbol | BIOL |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
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